Phil Grossfield's Blog

My Schedule…and a Little Extra:  He deserves it.  He made a huge decision to leave Cleveland but it was the right decision.  Granted he should’ve handled it better when he left which is why he was so harshly treated and criticized the last two years, but when I was 24 years old I can recall a couple incidents that I didn’t handle so gracefully.  I can tell you this…I’ve been following Lebron James his whole career and I believe his heart to be pure.  One of my best friends back in Minneapolis has been coaching basketball for years and told me about Lebron James before he was even out of high school…“watch for this kid…he’ll be the best player on the planet one day.”  Last year when he went to the Miami Heat and ended up losing in the finals everyone jumped on him…they loved to see him fail.  Lebron was humbled and referred to himself as “immature” stating he needed to work harder and improve.  That says a lot about someone…his willingness to call himself out openly like that.  And this year you could see he did improve in almost every facet of his game, and what’s more, he made everyone on his team better too (except for maybe Dwyane Wade).  Lebron was determined to remain humble and not take anything for granted and he didn’t rest until he had he won the MVP award for the season, was named MVP of the Finals, and won the whole damn thing.  He’s redeemed himself and deserves respect and admiration.  Congratulations Lebron! And congratulations to me for predicting all of this at the beginning of the season.  I really am awesome, aren’t I?  J

My Mystery Lyric:  I’ve paid my dues…Time after time — I’ve done my sentence…But committed no crime — And bad mistakes…I’ve made a few — I’ve had my share of sand kicked in my face…But I’ve come through! — Answer

My Market Watch:  Yesterday the stock market got hit hard and as a result we saw an improvement in rates.  But what I find interesting is that I didn’t see bonds improve all that much.  What I mean is this…typically there is a converse relationship between stocks and bonds.  That is, if stocks perform poorly then bonds usually perform well and vice-versa.  The idea is that traders either put their money into stocks or bonds, and sell one to make buying power for the other.  Of course, this is not always true and yesterday was that exception to the rule.  In fact, I was watching the bonds page when I saw Interbank’s mid-day rate change for the better and I wondered why.  Capital Markets departments watch many different indicators in determining rates and volatility, such as economic reports or geopolitical news, but almost like clockwork we can see a direct correlation to the Fannie bond.  Not so yesterday…when the mid-day rate improvement was published, bonds were relatively flat.  According to my research, yesterday stocks sold off after weak global economic data was released and the reason bonds didn’t react as sharply as usual was attributed to the Federal Reserve’s buying.  Anyway, I thought it was interesting.  Today should be flat unless something unknown is brewing…if it was going to go one way or the other I would expect worse…but it’s way too early to tell….  Disclaimer

My Schedule:  Available all day….

EXCEPTIONS – VERY EASY AND VERY FAST!

Exceptions to LTV overlays are EASY to get.  In fact, it is VERY LIKELY you will get an exception approval if InterBank has an overlay that is permitted by Fannie Mae, and, I can usually get you an answer within the same day.  The process is VERY EASY…all you have to do is register the loan so we have a loan number and send me an email with your DU Findings.  I’ll take over from there…I will forward exception request before you submit the loan (all you’ve done so far is register the loan).  This way we’ll know in advance if the exception will be granted. Click here for details on Interbank overlays compared to Fannie Mae guidelines, and for explicit Instructions on getting an exception:  Exceptions – When and How to get an Exception